EU leaders agree to reduce single market bureaucracy by 25%

Prime Minister Robert Abela in Brussels for informal European Council meeting on European single market

Prime Minister Robert Abela
Prime Minister Robert Abela

The summit of EU leaders agreed to reduce bureaucracy related to the single market by 25% on Thursday.

European leaders also agreed on the need for a competitiveness pact in Europe that continues to evolve to provide businesses with opportunities to operate more sustainably on the environment and to address emerging needs, such as digitalization and green initiatives.

Addressing the council, Prime Minister Robert Abela said the EU must address challenges concerning the single market, while considering the aspirations of European citizens.

During the Council meeting, former Italian Prime Minister Enrico Letta, appointed by the European Union to produce a report on the Single Market, presented his report, with Malta stating it would analyse it detail. The government will now seek to get the reaction of social partners in the Maltese Council for Economic and Social Development (MCESD).

Prime Minister Abela emphasized that in various areas such as energy and access to medicine, the single market must truly demonstrate that it is accessible to everyone equally, including small member states and those on the periphery of Europe.

He also mentioned ongoing arguments put forward by Malta, now reflected in the conclusions of this summit, regarding the fundamental principle that the EU needs to pay more attention to when drafting legislation.

Abela also referred to the impacts on small states and the need to avoid a one-size-fits-all policy.

The Council also discussed the issue of capital movement, aiming to mobilize investment from private funds strategically and within an acceptable regulatory framework.

At the European Council, leaders also discussed the situation in Ukraine and the Middle East, where the situation in Lebanon was mentioned, including tensions between Israeli forces and Hezbollah militants.

The PM also reiterated Malta's consistent position in favour of peace and a permanent cessation of hostilities, in line with resolutions adopted by the United Nations Security Council.